To ask Her Majesty's Government what plans they have to introduce graduated sanctions to individuals who do not disclose their identity to Companies House in their proposed Registration of Overseas Entities Bill.
Answered on
15 March 2022
If a foreign company does not comply with the new obligations relating to the Register of Overseas Entities set out in the Economic Crime (Transparency and Enforcement) Bill, criminal sanctions are in place. These include fines or a prison sentence of up to 5 years. The company’s rights over its property will also be affected. We have also included a new provision to allow the imposition of financial penalties for non-compliance without the need for criminal prosecution.
Answered by
Department for Business, Energy and Industrial Strategy